An alternative finance provider plans to inject £50m into growing businesses across Greater Manchester over the next 12 months.

Global market conditions are creating opportunities for growing UK businesses, and Greg Carter, Growth Street’s CEO, says that their flagship lending product could provide a solution for businesses looking to step up their exports.

It comes after research by the lending specialist found that SMEs in Manchester are not taking full advantage of opportunities in international markets, and could have greater awareness of the funding options available to help them grow.

Greg said: "Manchester and the North West is full of thriving, ambitious businesses. I hope that our planned £50m injection into the North West economy gives more SMEs the chance to deliver on their plans for growth.

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“UK SMEs are working in uncertain times. To make things more complicated still, many firms we speak to feel misunderstood by traditional lenders. We believe that more than ever, businesses need access to flexible finance, which can help mitigate risk as well as let agile businesses seize new opportunities.

“At Growth Street, we’re on a mission to give businesses access to the finance they might need to grow. We can’t wait to get talking to ambitious SMEs in Greater Manchester and the North West.”

The research into more than 1,000 businesses found that 78% of respondents based in Manchester don’t export at all, either to the EU or elsewhere.

Manchester skyline

Growth Street’s research also found that almost three quarters of respondents have never looked outside their bank for funding at all, and only 24% feel they have a “good” understanding of the alternative finance market.

Having recently set up a base in the city centre the firm, which started in London have received backing from Manchester city council.

Leader Sir Richard Leese said: “SMEs have a vital role to play in a flourishing city, and we welcome any initiative which will help these innovative businesses to expand, tap into new international markets and help support jobs and opportunities for Manchester people.”

Greater Manchester Chamber of Commerce have also supported Growth Street's plans in the region.

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Chris Fletcher, director of marketing and campaigns at Greater Manchester Chamber of Commerce, said: "The announcement of this funding by Growth Street is a significant step forward for ambitious and growing SMEs across Greater Manchester and the wider North West."

"It's a real vote of confidence in businesses across the region and will be welcomed by a huge number of businesses. Flexible finance is a vital part of funding success for many businesses and this will make a significant impact."